Bill Text: HI SB2974 | 2024 | Regular Session | Amended
Bill Title: Relating To Economic Development.
Spectrum: Moderate Partisan Bill (Democrat 8-1)
Status: (Enrolled) 2024-05-03 - Received notice of passage on Final Reading in House (Hse. Com. No. 830). [SB2974 Detail]
Download: Hawaii-2024-SB2974-Amended.html
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THE SENATE |
S.B. NO. |
2974 |
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THIRTY-SECOND LEGISLATURE, 2024 |
S.D. 2 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO ECONOMIC DEVELOPMENT.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that while new business formations have grown by thirty-seven per cent in Hawaii since the beginning of 2020, this rate is well below the national average and among the bottom ten nationally. In the latest comprehensive entrepreneurial study from the Kauffman Foundation, the early survival rate for startups in Hawaii is the lowest in the country. Self-employment in Hawaii has consistently been lower than in the United States as a whole, and in 2020, Hawaii ranked fortieth for the percentage of self‑employed individuals.
The legislature further finds that tax rates are a factor in business investment decisions and often affect the movement of individuals. Recent reports show both companies and individuals are more likely to move to a location with lower taxes. Hawaii currently ranks the sixth highest for state and local taxes per capita and was ranked forty-second for business climate by the Tax Foundation.
The purpose of this Act is to establish a task force to identify methods to improve Hawaii's general economic competitiveness and business climate, including the mitigation of regulatory and tax burdens.
SECTION 2. (a) There is established a business revitalization task force within the department of business, economic development, and tourism for administrative purposes.
(b) The task force shall consist of the following members or their designees:
(1) The director of commerce and
consumer affairs;
(2) The director of business, economic
development, and tourism;
(3) One member of the house of representatives, to
be appointed by the speaker of the house of representatives;
(4) One member of the senate, to be appointed by
the president of the senate;
(5) Two members of the local business community,
to be appointed by the speaker of the house of representatives; and
(6) Two members of the local business community,
to be appointed by the president of the senate.
Local business community members of the task force shall serve without compensation but shall be reimbursed for expenses, including travel expenses, necessary for the performance of their duties.
(c) The task force shall:
(1) Identify methods to improve Hawaii's general economic competitiveness and business climate, including the mitigation of regulatory and tax burdens; and
(2) Develop and recommend legislation to increase Hawaii's general economic competitiveness.
(d) The task force shall submit a report of its
findings and recommendations, including any proposed legislation, to the
legislature no later than twenty days prior to the convening of the regular
session of 2026.
(e)
The task force shall be dissolved on June 30, 2026.
SECTION 3. This Act shall take effect on July 1, 2024.
Report Title:
DBEDT; Task Force; Business Revitalization; Report to Legislature
Description:
Establishes a Business Revitalization Task Force within the Department of Business, Economic Development, and Tourism to identify methods to improve Hawaii's general economic competitiveness and business climate, including the mitigation of regulatory and tax burdens. Requires a report to the Legislature. (SD2)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
